6 comments:

Impressive indeed. I was surprised by the line "You and I have never met or spoken to each other". So the Chief Executive has not even bothered to say "hello" to each of his Executive Vice Presidents?? I can see this is not the makings of a culture of trust...

Blink,Old school banks use "bank titles", designed to fake employees into thinking they're being rewarded. There could be 500+ EVPs at AIG. The CEO probably only knows his "Super Senior Executive Vice Presidents".

In bankruptcy, I believe employees are in front of creditors at liquidation (if it even gets that far). So they likely would have still been compensated according to their contract. Bankruptcy law is complicated, so I may be wrong.

Regardless, the promise at the time of the bailout was (famously) that the contracts would be respected.